The Cincinnati Reds and Diamond Sports Group have decided to end their joint venture, allowing the Reds to search for a new home to televise their local games.

The Reds were joint owners of what is now FanDuel Sports Network Ohio. FanDuel last month picked up the naming rights for Diamond’s 16 regional sports networks after Diamond struck a deal with Bally Sports starting in March 2021.

According to an agreement filing, Cincinnati had a 20 percent stake in the network. Diamond will buy back the Reds’ stake for $1.

Major League Baseball is likely to produce and distribute Reds games next season. MLB is already dealing with at least six teams in 2025; San Diego, Arizona, Colorado, Cleveland, Milwaukee and Minnesota.

The Texas Rangers are still evaluating their broadcast options for next season after announcing last month that they would not be renewing with Diamond.

The Reds’ filing came after MLB and the Atlanta Braves filed an objection to Diamond Sports Group’s reorganization plan.

Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection in March 2023. The company said in a financial filing last year that it has $8.67 billion in debt of dollars.

A final hearing on Diamond’s reorganization plan is scheduled for Thursday.

MLB said throughout the bankruptcy proceedings that Diamond did not develop a sustainable business plan or produce sufficient financial records.

“Based on the current inadequate situation, the Braves and MLB have strong concerns that, if the Plan is confirmed, there is a substantial likelihood that the Debtors will again find themselves in financial difficulty and/or bankruptcy court in the near future.” attorneys for the Braves and MLB said in the filing.

The Braves are the only team that did not have their contract changed or renegotiated.

Diamond announced that he has agreed to a new contract with St. Louis Cardinals and appears to be on the verge of reaching a new deal with the Miami Marlins. Both teams are part owners of their regional sports networks.

Diamond continues to talk with the Los Angeles Angels and Kansas City Royals, the other two teams with which she is involved in joint ventures.

Diamond Sports Group and Sinclair Broadcast Group bought regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019. The Department of Justice required Disney to sell the networks for the acquisition of 21st Century Fox’s film and television assets to be approved.